Providence, RI · Member since 2018 · 29 posts · 409 votes
7y
Having just recently bought my first property, I know for myself what was holding me back was the fear that I would overpay, especially in this type of a market. I would get analysis paralysis and basically talk myself out of every property I looked at.
Rental Property Investor · San Francisco, CA · Member since 2016 · 9 posts · 1 vote
7y
@Vinay H. How much did your rent go down in the last recession? How much can rent go down if demand for rentals increases(if recession hits and less people are buying homes)? Rental properties are usually valued based on rents so recessions don’t hit them as hard. Just make sure your cash flow factors in all of the expenses.
Memphis, TN · Member since 2019 · 7 posts · 2 votes
7y
@Frank Patalano. I just submitted my first bid on an investment property today. I appreciate everyone's advice and support. I am truly excited about getting into REI.
@Vinay H. How much did your rent go down in the last recession? How much can rent go down if demand for rentals increases(if recession hits and less people are buying homes)? Rental properties are usually valued based on rents so recessions don’t hit them as hard. Just make sure your cash flow factors in all of the expenses.
I vaguely remember my rents going down $50 a month or so. What was worse was that insurance and taxes went up anyway.
@Frank Patalano. I just submitted my first bid on an investment property today. I appreciate everyone's advice and support. I am truly excited about getting into REI.
Already doing the former. I believe that the latter is going to be my best avenue, just not sure how to approach it.
Chuck. I'm sorry but can you repeat this. I can't find your previous post to help you. I see the words former and later but dont know what they are referring to.
Rental Property Investor · Los Angeles, CA · Member since 2019 · 13 posts · 2 votes
7y
@Mark Bommarito I’m in similar boat, live in LA but I’m still in hopes of buying in CA and keeping it closer than going out of state. Cities up the 99 between Bakersfield and Modesto for example.
@Frank Patalano Fear is holding me back. Fear that I'll get a house under contract but won't know what to do from there. Fear that I'll mess up the contract or if I try to wholesale it... Fear that I won't find a buyer....
Also... Not sure when I'll have enough money to fix up and flip a property or but it and rent it out...
@Mark Bommarito hey mark I live right outside of Philadelphia (Delaware county) and I feel like it’s a nice market to buy rental properties and also Philadelphia I’m a wholesaler and run into 3-4 houses a month and would be happy to help you if that’s fine with you
Hoboken, NJ · Member since 2017 · 22 posts · 7 votes
7y
@Frank Patalano
I live in Northern NJ and this state is just not good in general for cash flow (SFH) due to the high cost and high property taxes - 1% rule doesn't pan out.
I need to look out-of-state but with a demanding day job and newborn it seems turn-key is most realistic option in markets like Tampa, Cleveland, Columbus, Memphis, etc. wondering what others think of that approach. Like others have said, hard to wait for market to correct bc you have no idea when that will be
Paterson, NJ · Member since 2017 · 21 posts · 6 votes
7y
Just trying to get started. With Life, and kids I just feel it’s hard to get my money right. I’m in the process of getting my credit cleaned up but would like to have some money in the bank. The next step is to educate myself with hard money lenders. @Frank Patalano
@Frank Patalano Fear is holding me back. Fear that I'll get a house under contract but won't know what to do from there. Fear that I'll mess up the contract or if I try to wholesale it... Fear that I won't find a buyer....
Also... Not sure when I'll have enough money to fix up and flip a property or but it and rent it out...
If you get a property under contract, forward action will get you to keep going. If you mess up the contract the 2 worst things that can happen are #1 they keep your deposit or #2 they force you to perform.
Start figuring all of the costs that you need to make a deal happen.
I live in Northern NJ and this state is just not good in general for cash flow (SFH) due to the high cost and high property taxes - 1% rule doesn't pan out.
I need to look out-of-state but with a demanding day job and newborn it seems turn-key is most realistic option in markets like Tampa, Cleveland, Columbus, Memphis, etc. wondering what others think of that approach. Like others have said, hard to wait for market to correct bc you have no idea when that will be
There are quite a few people talking turnkey on here. You could also consider hard money lending and crowdfunding.
Rental Property Investor · Los Angeles CA · Member since 2017 · 100 posts · 37 votes
7y
@Frank Patalano great question frank. For me, it’s fear of overpaying and buying a dud. I live in California so I’m looking to buy/hold/rent out of state. I just keep analyzing..
Just trying to get started. With Life, and kids I just feel it’s hard to get my money right. I’m in the process of getting my credit cleaned up but would like to have some money in the bank. The next step is to educate myself with hard money lenders. @Frank Patalano
Join a couple local REIAs. They will have some hard money lenders.
in regards to money and credit, set goals. Download a spending tracker.
When I wanted to lose weight I downloaded a food tracker. To shed some debt I recommend the same thing.
@Frank Patalano great question frank. For me, it’s fear of overpaying and buying a dud. I live in California so I’m looking to buy/hold/rent out of state. I just keep analyzing..
That's fine. I just don't want you to telling me the same thing 3 years from now. So set a 1-month goal to pick up Market. Then set a goal to network in that market. Perhaps you could take a weekend trip to the market and meet agents.
Coeur d’Alene, ID · Member since 2019 · 7 posts · 3 votes
7y
@Frank Patalano for me it the fear of the unknown. We are currently living on my husbands income (firefighter) since our kids were born (almost 3 and almost 1) without extra money to save each month. We have our primary residence under contract right now in order to get out our equity/savings. Looking to downsize our residence and hopefully BRRRR an additional home. Just nervous for how the kids will adjust, making sure not to spend too much on our residence and trying to figure out how to find off market, discounted rentals. We currently live in St. Augustine and will be moving one town north to Jacksonville, FL where the opportunities for better cash flow and cheaper homes are
@Frank Patalano for me it the fear of the unknown. We are currently living on my husbands income (firefighter) since our kids were born (almost 3 and almost 1) without extra money to save each month. We have our primary residence under contract right now in order to get out our equity/savings. Looking to downsize our residence and hopefully BRRRR an additional home. Just nervous for how the kids will adjust, making sure not to spend too much on our residence and trying to figure out how to find off market, discounted rentals. We currently live in St. Augustine and will be moving one town north to Jacksonville, FL where the opportunities for better cash flow and cheaper homes are
Kids are super resilient. I was sleeping on the floor a few months as a teenager. My dad died when I was 17. I don't know the st. Augustine Market that well but have one friend that lives there.
No interest in a multi-family house hack eh? Your plan is fine. Since you are selling I can see that you are committed.
Coeur d’Alene, ID · Member since 2019 · 7 posts · 3 votes
7y
@Frank Patalano our original idea was to house hack but St. Augustine has been growing and getting more expensive by the day, and living on one income we don’t have deep enough pockets (most multi family seem to be beachside). We considered it in Jacksonville too but currently only looking on mls and the areas are too shady to live with kids especially while my husband is gone for a full 24 hours.
Flipper/Rehabber · Reno, NV · Member since 2019 · 2 posts · 2 votes
7y
@Frank Patalano
Trying to partner up with anyone. There are barely any investor meetings in my town so it’s hard to make connection. If you have hint on how to find partners please let me know.